Luxembourg to Set up a Seed Fund for Innovative Start-up Companies in the Field of Digital Economy

18.7.2016 14:14 | Business Wire

Del

The Luxembourg Government launched jointly with a group of private
investors a seed fund to support the financing and the development of
start-ups up to seven years of age which are operating within the
national digital economy field. This move is a further step in
increasing Luxembourg’s visibility as a hub for launching new innovative
activities in one of the key sectors in the country’s economy.

The Digital Tech Fund was set-up on the initiative of the Ministry of
the Economy as part of the national “Digital Lëtzebuerg” initiative. The
main but not exclusive aim of the fund will be to make venture capital
investments in companies with projects which have reached the proof of
concept stage in fields such as cybersecurity, fintech, big data,
digital health, telecommunications and satellite services, or the
“Internet of things”.

To facilitate the transfer of new technologies resulting from
public-funded research, particularly that carried out by the University
of Luxembourg’s Interdisciplinary Centre for Security, Reliability and
Trust (SnT), a further aim of the seed fund is to invest in promising
spin-offs in order to generate as much beneficial economic impact in the
Grand Duchy as possible.

Étienne Schneider, Deputy Prime Minister and Minister of the Economy,
stated: “In meeting the financing needs of start-ups in their launch
phase, the Digital Tech Fund rounds off the national ecosystem for
promoting the development of innovative companies in the field of ICT.
Augmenting the existing financing instruments and government support
measures, the various support regimes of the Ministry of the Economy or
the Luxembourg Future Fund, the Digital Tech Fund further enhances
Luxembourg's appeal for start-ups and will help attract new innovative
businesses.”

The Digital Tech Fund is managed by Luxembourg-based Expon
Capital whose team has a strong track record in investment
management. Interested start-ups can apply directly through the website
at www.digitaltechfund.lu.
Developed under a public-private partnership, the fund includes the
following partners : Arendt & Medernach, Banque Internationale à
Luxembourg SA (BIL), High Capital (BHS Services), Luxembourg State, POST
Capital, Proximus, SES and the public-law banking institution “Société
Nationale de Crédit et d’Investissement” (SNCI).